Ex-Gaana CEO’s NFT music platform FanTiger raises USD 5.5 million

ANI |
Updat­ed: May 26, 2022 10:11 IST

New Del­hi [India], May 26 (ANI/NewsVoir): Artist­First Tech­nol­o­gy Inc, which runs music NFT mar­ket­place FanTiger on Wednes­day, said it has raised USD 5.5 mil­lion in a seed round led by Mul­ti­coin Cap­i­tal.
The round also saw par­tic­i­pa­tion from Krafton, Prave­ga Ven­tures, GAMA, Wood­stock Fund, IOSG Ven­tures, Poly­gon Stu­dios and indi­vid­u­als Sandeep Nail­w­al (Co-founder of Poly­gon), Gokul Rajaram (Board Mem­ber-Coin­base), Prashant Malik (Founder-Tykhe Block Ven­tures) and Miten Sam­pat (CRED).
Found­ed by Prashan Agar­w­al, ex-CEO of Gaana and Co-founder of PropTiger, and Krish­na Singh, FanTiger empow­ers Inde­pen­dent Artists to build fan com­mu­ni­ties on the plat­form and enable fans to help shape their career using music NFTs.
Fans can buy music NFTs to get access to an exclu­sive Artist com­mu­ni­ty, earn rewards and spe­cial priv­i­leges like exclu­sive behind the scenes con­tent, meet-n-greet oppor­tu­ni­ties, back­stage access etc.
Artists can use the pro­ceeds from the sale of music NFTs for song cre­ation, stu­dio pro­duc­tion, music video, etc and also can com­mit upto a cer­tain per­cent­age of the roy­al­ty earned from the song to the fan com­mu­ni­ty for mar­ket­ing the song.

Prashan Agar­w­al, CEO and Co-founder of FanTiger, said, “The busi­ness of music should be to serve the best inter­ests of artists. With the advent of blockchain, music NFTs have the abil­i­ty to dis­rupt the music indus­try, much like music stream­ing trans­formed music lis­ten­ing. FanTiger is at the fore­front of this rev­o­lu­tion to rede­fine the music indus­try by cre­at­ing artist-fan rela­tion­ships as have nev­er exist­ed before to give birth to a new era for Music. It will be the first time in his­to­ry when Indi­an Artists will have a fan­base which is prop­er­ly incen­tivized to mar­ket a song, which will cre­ate won­ders in set­ting new mile­stones for song suc­cess. Our vision is to onboard ten mil­lion users to our plat­form to own dig­i­tal col­lec­tables and super­charge the career of 100k artists.”
“The com­pa­ny plans to use the funds raised to grow its team across Prod­uct, Tech, extend indus­try part­ner­ships and onboard well-known and aspir­ing Indi­an Artists”, Prashan fur­ther added.
Kyle Samani, part­ner, Mul­ti­coin, added, “The FanTiger plat­form is unique­ly posi­tioned to grow the dig­i­tal col­lec­tables own­er­ship in the music indus­try. We are excit­ed to part­ner with Prashan, who brings vast expe­ri­ence of build­ing the largest music stream­ing plat­form in India, to dis­rupt the music indus­try once again.”
“Music is one of the most excit­ing use cas­es for NFTs with a very high util­i­ty. Prashan’s expe­ri­ence as a repeat founder and music indus­try exec­u­tive makes him the ide­al per­son to trans­form the music indus­try in a way that empow­ers artists and their fans,” said Sandeep Nail­w­al, Co-founder of Poly­gon and Poly­gon Stu­dios.
Ahead of FanTiger’s offi­cial launch, the com­pa­ny has opened an Ear­ly Access pro­gram for music fans on www.fantiger.com. The ear­ly access wait­list gives its most eager fans a chance to get exclu­sive ben­e­fits, like pri­or­i­ty access to the launch of music NFTs, OG title, lim­it­ed-edi­tion mer­chan­dise, access to music con­certs and more. The biggest pull to its ear­ly access wait­list is the jaw-drop­ping 5,000 free NFTs it plans to give away to its ear­ly mem­bers.
This sto­ry is pro­vid­ed by NewsVoir. ANI will not be respon­si­ble in any way for the con­tent of this arti­cle. (ANI/NewsVoir)